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Renters And Homeowners Agree: Now Is A Good Time To Buy

posted by Stephen Katz @ 5:00 PM
Wednesday, October 4, 2017

The share of current renters who believe that now is a good time to buy has jumped to 62 percent. That’s a two percent increase from this time last year and a 10 percent increase from last quarter.

Homeowners agree, saying that 80 percent of higher income households within the Midwest and Southern regions are optimistic about buying a house. Eighty percent of homeowners also believe that now is a good time to sell. That’s a 13 percent jump from this time last year and a five percent increase from last quarter.

So why does the housing market seem to be at somewhat of a standstill? The issue is not with the amount of buyers, but rather with the amount of homes for sale. Potential buyers are also intimidated by down payments, considering the housing market prices are incessantly rising.

However, there are reasons to remain optimistic. One reason being that the economy is continuing to improve. “Jobs are plentiful, wage growth is finally showing signs of life, home values are up considerably in the past five years and the stock market is at record highs,” says Lawrence Yun, NAR chief economist. Overall, most potential buyers think that their financial situations will improve within the next six months.

Still intimidated by rising house prices? Ask your relatives or employers. We offer loan programs that allow you to use “gift money” to buy a house. However, be prepared to provide a letter from the gift giver stating that it is, in fact, a gift, not a loan. We may also need a bank account statement from the giver.

Not comfortable with that? You can also take money from your 401k or IRA. Some accounts even let you pull this money out for free in order to use the funds as a down payment.

Our best advice? Adjust your budget. Owning a home will save you money overall, so saving extra money in the meantime will help you in the long haul.

When you’re ready to take that next step, give us a call! We can also offer advice on how to afford your dream home.

Stephen Katz

(770) 309-0939 (direct) or (866) 742-8400 -- For the past 18 years, Stephen Katz has built a successful business almost entirely on referrals. As your mortgage consultant throughout the home loan process, Stephen will explain the pros and cons of all available mortgage programs and help you choose the financing option that is best suited to your needs. Throughout the loan process, he will keep you informed and will respond quickly to your requests with answers and solutions. Consistently a top producer, Stephen is a Mortgage Bankers Association "Diamond" Award winner, a Georgia Mortgage "Top Gun" and has closed almost half a billion dollars in loans. Put his knowledge and experience to work for you!

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